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  1. Join Date
    Sep 2007
    Posts
    174
    #1
    Due to some economic downturns some car owners with still some balance in the bank for their car loan are advertising to sell their car for anyone interested to assume the balance.

    Looking at the ads I notice that they seem to ask for a high downpayment. Maybe they are trying to recoup their previous downpayment.

    Have you experienced assuming a car loan? Please share if its ok or not. TIA.

  2. Join Date
    Oct 2002
    Posts
    29,354
    #2
    I would rather not inherit someone else's financial problems...

  3. Join Date
    Jul 2008
    Posts
    139
    #3
    if they're asking for a higher DP then why but it from them? mas mataas DPng hinihingi tapos ikaw pa magbabayad ng MA, e di bumili ka na lang ng sarili mong brand new. kapal naman nila!

  4. Join Date
    Oct 2002
    Posts
    40,038
    #4
    walang kwenta yan, parang nagbabayad ka ng brand new car pero second hand naman.

    better to apply for a car loan yourself.

  5. Join Date
    Jun 2005
    Posts
    4,313
    #5
    For a buyer with limited budget, this is okay! But the total of the down payment and the remaining balance should be a little bit higher than the fair market value.

    For a seller, I think it's hassle especially if the ownership of the car has not been transferred to the buyer. If this is so, the seller has still liability on the car.


    :yawn: [SIZE="1"]4061[/SIZE]

  6. Join Date
    Dec 2008
    Posts
    15
    #6
    I sold my car before with the same setup. I had the buyer assume the balance of my car.

    The price of the car should definitely be lower than the market price (taking into consideration the depreciation as well). The car that I sold was a Mazda 3 1.6 which I got for about 750-800k. I sold the car (which I used after 1.5 years) with the price of 550k and with the assume balance setup.

    I only asked for about 150k DP (as I have paid almost 400k amortization already). I sort of charged the buyer less than half of my DP.

    I agree with what the comments of others that the DP should not be unreasonable and in fact should be low since the seller used it already.

    Hope this helps

  7. Join Date
    May 2014
    Posts
    14,699
    #7
    pa ride sa thread bros!!
    question:

    information ng buyer ang ilalagay, after Loan Account #?
    Thanks!



    also, what does STI1, STI3 and photocopy of signature card mean?

    kwento ko lang:
    gave the car to my boss, i will shoulder the transfer/chattel fees and insurance for year 2016 (total of 40k).
    Car is suzuki swift 1.2L, 1 year old. had a major accident last october 2015 (rear ended by a 6 wheeler), and was unused for 2 1/2 months due to delay in repairs.



    exterior job is OK, but the interior job is just so so for me. according to friends and relatives maselan lang daw ako, and 1.5k lang daw maayos na yung interior *like new* (as per my friend who owns a reputable shop), but i dont feel like continue paying for a "wrecked" car.

    i included 2 sets of spare banana type wipers (bought on SALE), leatherette seatcover (worth 6.5k), spare air filter (for 20k pms *currently at 17.5k), newly installed vkool OEM 5 (2 weeks old), and huper optik c30 for windshield (di ko naman na malilipat ito); plus the freebie seatcover, tools and matting from casa.

    in-return my boss will sell his vios J 2006 for 190k (plus ill add around around 40k for the fees and insurance of my swift)
    so ill shell out 40k initially and 10k every month for his vios for 12 months then 70k lump sum after (total of 230k).
    coding car nya ito since 2013, but was his primary car since 2006 and ran 100k plus sa odo.
    Last edited by ninjababez; January 21st, 2016 at 07:36 AM.

  8. Join Date
    Jun 2009
    Posts
    2,457
    #8
    Quote Originally Posted by ninjababez View Post
    pa ride sa thread bros!!
    question:

    information ng buyer ang ilalagay, after Loan Account #?
    Bank account info ng BPI FSB Makati account holder/owner

  9. Join Date
    May 2014
    Posts
    14,699
    #9
    Quote Originally Posted by anonemus View Post
    Bank account info ng BPI FSB Makati account holder/owner
    sorry was not clear, yung mga nasa baba after "very truly yours" part, info na ba ng buyer dapat? thanks!

  10. Join Date
    May 2014
    Posts
    14,699
    #10
    Quote Originally Posted by anonemus View Post
    Bank account info ng BPI FSB Makati account holder/owner
    sorry was not clear, yung mga nasa baba after "very truly yours" part, info na ba ng buyer dapat?

    also, what does STI1, STI3 and photocopy of signature card mean?

    thanks!

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Assume balance..Is this OK?